My conveyancer has uncovered a a problem with the lease for the apartment we are buying in Locks Heath. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions have to be complied with.
My uncle passed away six months ago and as sole heir and executor I was left the property in Locks Heath. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
2 months have elapsed since my purchase conveyancing in Locks Heath took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build apartment in Locks Heath. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Locks Heath
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared.
I have been on the look out for a flat up to £245,000 and found one near me in Locks Heath I like with a park and station nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Locks Heath in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
My fiance and I are buying a three bedroom apartmentin Locks Heath with a home loan from a lender. We like our conveyancer in Locks Heath yet our lender inform us now that she’s not on their "panel". Apparently we need to choose from the our bank panel solicitors or keep our Locks Heath solicitor and pay for one of their panel ones to represent our mortgage company. We feel as though this is unjust; is there anything we can do?
No, not really. The bank home loan issued is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. Until recently, most mortgage companies had open panels, including many conveyancing solicitors in Locks Heath : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your lender.